Paycheck Protection Program forgives $1.1 million in loans so far

Paycheck Protection Program forgives $1.1 million in loans so far
(Source: WVIR)

TUCSON, Ariz. (KOLD News 13) - The U.S. Small Business Administration has already forgiven more than $1.1 million Paycheck Protection Program loans for over $100 billion, providing an extraordinary amount of critical relief to America’s small businesses just 3 months since the earliest PPP borrowers’ covered periods ended.

“For any eligible small business continuing to struggle due to the coronavirus pandemic, the Program has re-opened for new and certain existing PPP borrowers, and we encourage you to take advantage of the PPP to keep your workers on payroll, regardless of any local economic restrictions on your operations,” SBA Administrator Jovita Carranza said. “SBA is continuing to work around the clock to forgive existing PPP loans and implement the next phase of this vital Program.”

The SBA has so far received 1,346,125 forgiveness applications for approximately $170.5 billion. SBA has made payments on nearly 85% of the applications, forgiving over $100 billion. For the smallest borrowers with loans up to $50,000, 88% have been approved for forgiveness.

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